Velesto Energy has found work for its Naga 3 jackup offshore Malaysia. Its subsidiary Velesto Drilling has won a contract from Petronas Carigali to deploy the rig for one firm well and one optional well, with operations starting in November 2026. The announcement was made on 4 November.
Velesto has not disclosed the contract value, dayrate, duration or well location. It said the job is expected to contribute positively to the group’s earnings and net assets over the contract period. The rig is a 2010 built independent leg cantilever jackup, rated to drill to 30,000 feet in water depths of up to 350 feet.
Velesto president Megat Zariman Abdul Rahim said the award adds to the group’s contracted drilling activity in Malaysia, gives near term revenue visibility and supports utilisation of Naga 3. He added that Velesto looks forward to working with Petronas Carigali and meeting the safety, reliability and operational standards expected of it.
The contract gives the rig a job after a sale fell through. Velesto had agreed to sell Naga 3 to Indonesia’s PT Indonesia Drilling Energy in a deal reported at $63 million, but terminated it in July after the buyer failed to complete the purchase by the agreed deadline. Naga 3 stayed in the fleet, and analysts said at the time that keeping it could open up earnings if new work could be found.
It also builds on an existing relationship with the Malaysian national oil company’s operating arm. Earlier this year Petronas Carigali awarded Velesto a five year contract for the Naga 2 jackup, reported at $157 million, running from February 2026 to 2030. Velesto owns six jackups and reported a firm orderbook of around RM1.3 billion, roughly $320 million, at the end of July.
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